Billionaire Chase Coleman Just Cut His Stake in Artificial Intelligence (AI) Stocks Alphabet, Microsoft, and Amazon. Here's Which AI Stock He Bought Instead.
While 2022 was a year investors were happy to see in the rearview mirror, the stock market has been off to the races this year. The S&P 500 has gained roughly 16% thus far in 2023, an abrupt turnaround compared to its 19% decline last year.
Helping drive the market's current upswing is enthusiasm surrounding recent advances in artificial intelligence (AI). Large language models (LLMs) gave rise to generative AI and the birth of ChatGPT. The next-generation chatbot helped illustrate the potential productivity gains, which could increase economic output by trillions of dollars.
Investors sensed an opportunity to profit and have been scrambling to pick up shares of the companies best positioned to capitalize on the AI revolution. This includes some of the world's most renowned billionaires, such as Chase Coleman. In the second quarter, the hedge fund manager shuffled his holdings, selling three of the most popular AI stocks to increase his stake in another.
Source Fool.com
